grace period

:  a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as a :  a period of 30 days or one month during which premiums on insurance policies may be paid without penalty b :  a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code —called also days of grace